Term Life Insurance

Live life knowing your loved ones are protected with term life insurance

Find the plan that works for you

Help protect your family’s financial future with term life insurance. You can help make sure your loved ones are financially secure, and it doesn’t have to be expensive. Term life insurance provides dependable, low-cost protection for a specified period of time, and the payment amounts don’t change for the guaranteed premium period.

Compare types of term life insurance

For most people, the primary reason to purchase life insurance is to help provide for dependents in the case of your death and the resulting loss of income. To determine a coverage amount, estimate what your family members would need after you’re gone to meet immediate, ongoing, and future financial obligations including funeral, rent or mortgage, other every day bills, college, and retirement.

Then, add up the resources your surviving family members could draw upon to support themselves, such as a spouse’s income, accumulated savings, and life insurance you may already own. The difference between the two is your need for additional life insurance.

Finally, use this side-by-side guide to compare the different types of term life insurance to help you decide which policy works for you.

Quick Comparison

Term Life

Simplified Term Life

Coverage Amounts

$100,000 - $1,000,000

$50,000 - $250,000

Coverage Starts

6 to 8 weeks after application if qualified

Immediately if qualified

Medical Exam

Always required

No medical exam, issuance of the policy may depend on the answers to the health questions set forth in the application

Term life insurance

Term life insurance is provided through Life Insurance Central® , the agency we have chosen to help you understand how much coverage you might need, compare term life quotes from multiple insurance companies, and purchase a policy.

With fully underwritten term life insurance, your rates are lower and available coverage amounts are higher than with simplified term life insurance. Amounts range from $100,000 to $1 million and coverage terms range from 10 to 30 years. And fully underwritten term life insurance requires a more thorough process to qualify, including a medical exam.

The medical exam helps underwriters determine how much to charge for your term life policy, so the cost of your term life insurance may vary depending on your health.

Customizable term life options

Coverage amounts ranging from $100,000 to more than $1 million

Coverage terms of 10, 15, 20, 25 or 30 years

Lower premiums than other life insurance options, including simplified term life

Simplified term life insurance

Simplified term life insurance is term life insurance that pays a benefit if the insured passes away within the coverage period. It is ”simple” in that no medical exam is required, you just need to answer a few health questions set forth in the application. Coverage starts immediately after the payment of the first premium, if you qualify. Because simplified term life insurance is issued with only limited medical information, the policy costs are typically higher and certain restrictions generally apply. Those willing to undergo more extensive medical testing may benefit from fully underwritten term life.

Simplified term life insurance is available as MyTermSM through Prudential Financial, an online simplified term life insurance provider.

Simple to qualify

18-65 years old, with no health problems

No medical exam, just a few health questions

Coverage starts immediately if you qualify (coverage will not begin prior to payment of premium)

Simple terms and coverage options

10-year, 20-year or 30-year terms

Coverage amounts ranging from $50,000 to $250,000, available in $25,000 increments

Simple, online process

Life insurance questions

What is term life insurance?

The “term” in term life insurance refers to the period of time you want to keep continuous coverage without the risk of an increased premium. The full value of the policy is paid to the person or beneficiary you choose if you pass away during the plan’s term. Terms are usually between 10 to 30 years.

I already have life insurance through my employer. Why do I need more?

Group life insurance coverage provided by your employer is a great benefit, but may not provide enough protection for your family, and you may not be able to keep your coverage if you change jobs. By comparing quotes and the different types of term life policies available, you'll see how much additional life insurance you can obtain within your budget to protect your loved ones.

Is there a waiting period before the term life insurance policy goes into effect?

Term life insurance policies require medical exams, so the approval process can take six to eight weeks. However, once your life insurance policy is in force, there is no waiting period. Policies have some exceptions, so be sure you understand them before purchasing a policy.

Will my premium go up every year?

No, your premiums are guaranteed not to go up during the specified term as long as premiums are paid according to policy specifications.

Can the company cancel my coverage if I get sick after my term life insurance policy is in effect?

Term life insurance coverage cannot be canceled as long as premiums are paid according to policy specifications.

How much coverage should I purchase?

In most cases, if you have no dependents and have enough money to pay your final expenses, you may not need life insurance.

If you have dependents, consider buying enough life insurance so that, when combined with other sources of income, it will replace the income you now generate for them. Here are some additional things to keep in mind as you make your decision:

How many children do you have and how old are they?

Who primarily cares for your children? Would that change after your death?

Do you already have college funds and retirement savings?

Does your spouse work? Would that change after your death?

What will it cost to pay off your home mortgage and other debt?

What will it cost for your family to maintain its lifestyle?

What types of payment plans are offered?

For simplified term life insurance, you can choose to have your payments automatically deducted from your bank account or choose from monthly or annual credit card payments.

For term life insurance, a variety of payment options are available, including having your payments automatically deducted from your bank account, monthly or annual credit card payments, and direct bill. Options vary by insurance company.

How long can I keep my coverage?

The length of your life insurance coverage is based on the policy’s term. For example, if you purchase a 10-year plan, you are covered for 10 years as long as your premiums are paid.

Rates are guaranteed during the term period selected, but life insurance coverage may be available beyond the initial term length at increased premiums.

Who should I call if I have questions about my existing simplified term life insurance policy?

If you have questions about your simplified term life insurance policy purchased through Great-West FinancialSM at 1-800-222-9197 Monday through Friday, from 8:00 a.m. to 5:00 p.m. Central Time.

If you have questions about your simplified term life insurance policy purchased through Prudential Financial, call 1-800-778-2255 Monday through Friday, from 8:00 a.m. to 8:00 p.m. Eastern Time.

Who should I call if I have questions about my existing term life insurance policy?

If you have questions about your term life insurance policy, please call Life Insurance Central® at 1-888-915-8376, ext. 7000, Monday through Friday, from 9:00 a.m. to 7:00 p.m. Central Time.

What if I am not completely satisfied when I receive my simplified term life insurance policy?

If you are not satisfied for any reason, you can cancel your policy within 10 days of receipt of your approval to receive a full refund.

What if I am not completely satisfied when I receive my term life insurance policy?

Most carriers allow you to cancel your life insurance policy within 10 to 45 days.

Because Simplified Term Life insurance is issued with only limited medical information the policy costs are typically higher and certain restrictions generally apply. Those willing to undergo more extensive medical testing may benefit from fully underwritten term life.

The maximum issue ages are: 10-Year terms available to age 65 (64 in CA), 20-Year terms for non-smokers available to age 60 (59 in NY) and for smokers to age 55, 30-Year terms for non-smokers to age 50 (49 in NY) and for smokers to age 45. Once coverage is issued, it can continue to age 95 (age 80 in NY).

MyTerm is not available in Maine, Vermont, or Washington D.C.

All fully underwritten term life products sold online are available through Life Insurance Central®.

Prudential Financial refers to products and services provided by Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey. Prudential, the Prudential logo, and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities.

MyTermSM is issued by Pruco Life Insurance Company except in NY and NJ, where it issued by Pruco Life Insurance Company of New Jersey. Both are Prudential Financial companies located in Newark, NJ. Each is solely responsible for its own financial condition and contractual obligations. Policies contain exclusions, limitations, reductions of benefits and terms for keeping them in force. We can provide you with costs and complete details. Policy form number for MyTermSM is PFT-2007 followed by a state code. All guarantees are subject to the financial strength and claims-paying ability of the issuer. These products may not be available in all states.

Great-West FinancialSM refers to products and services provided by Great-West Life & Annuity Insurance Company (GWL&A), Corporate Headquarters: Greenwood Village, CO; Great-West Life & Annuity Insurance Company of New York (GWL&A of NY), Home Office: White Plains, NY; its subsidiaries and affiliates. The trademarks, logos, service marks, and design elements used are owned by GWL&A.

Simplified Life insurance policies are underwritten and issued by GWL&A.Policy form numbers J3375 Series (term), J3375-20 Series (term) and policy variations are underwritten and issued by GWL&A. GWL&A is not licensed to do business in New York. In New York, J3375NY Series (term), J3375NY-20 Series (term) and policy variations are underwritten and issued by GWL&A of NY. Policies may not be available in all states. Certain restrictions apply. Any guarantees are based on the claims-paying ability of the issuing insurance company.